China

Chinese shares plummeted on Monday as rating agency Standard & Poor's lowered the U.S.'s sovereign credit rating, triggering investor worries of a new global recession.

The benchmark Shanghai Composite Index slumped 3.79 percent to close at 2,526.82.

The Shenzhen Component Index lost 3.33 percent to finish at 11,312.63.

Hong Kong stocks lost 455.57 points, or 2.17 percent, at 20,490.57 on Monday.

Japan

Tokyo stocks lost 2.18% Monday to end at the lowest point in nearly five months despite a G7 pledge to help stabilise markets in the wake of the first-ever cut in the US credit rating.

The benchmark Nikkei-225 index of the Tokyo Stock Exchange fell 202.32 points to 9,097.56, the lowest finish since March 17, when Japan had just been hit by its huge quake, tsunami and nuclear disasters.

The Topix index of all first-section issues sank 2.26% or 18.10 points to 782.86.

Australia

Australian shares gave up another $35 billion in value as jitters over the state of the global economy sank stocks for a fifth consecutive day.

The benchmark S&P/ASX200 Index closed below the 4000-point level for the first time since July 16, 2009, ending the day down 119.3 points, or 2.9 per cent, at 3986.1.

The broader All Ordinaries Index fell 113 points, or 2.7 per cent, to 4056.7.